Canada has a plan to double the pace of homebuilding within a decade, but the first big challenge is finding enough skilled workers. Building more homes is a key peg of the $9.5B in housing spending outlined in the government's recent budget for April 2022.
Construction has failed to keep pace with immigration-driven population growth in Canada. There are nearly 300k units under construction across Canada, compared with `240K in 2020.
The country has added more than 100k construction jobs since Dec 2021, a historic run of increases for the sector. Construction costs increased by ~10% in 2021 and are set to climb again, driven by higher labour and material costs, adding to the near-term challenges.
The federal government hopes to address the municipal and provincial approval delays with $4B "Housing Accelerator Fund"